New Exxon CEO supports Paris climate deal, carbon tax

The world’s largest publicly traded oil company appears to be more concerned about climate change than the President of the United States. While Donald Trump works on rolling back Obama-era environmental regulations and wants to withdraw from the Paris climate accord, new ExxonMobil Chairman and CEO Darren Woods recently said in a blog post that the Dallas-based energy company supports the Paris climate deal and a carbon tax to reduce greenhouse gas emissions. Those positions are in line with his predecessor Rex Tillerson, who is currently serving in the Trump Administration as the nation’s 69th secretary of state.

“At ExxonMobil, we’re encouraged that the pledges made at last year’s Paris Accord create an effective framework for all countries to address rising emissions; in fact, our company forecasts carbon reductions consistent with the results of the Paris accord commitments,” Woods wrote, citing increased natural gas replacing coal and greater energy efficiency as important tools in reducing CO2 emissions.

Woods also mentioned the company’s research and development of carbon capture and storage (CCS) technology and advanced biofuels such as algae, saying that the company has invested $7 billion in lower-emissions energy solutions. However, Woods did not mention renewables such as solar and wind as solutions to man-made global warming.

A price on carbon is gaining appeal among some conservative circles. Recently a group of Republican elder statesmen called for a tax on carbon emissions to fight climate change. The proposal would substitute former President Barack Obama’s Clean Power Plan with the carbon tax. In his blog post, Woods said that a national revenue-neutral carbon tax would increase energy efficiency, boost the economy and incentivize the market to move toward low-carbon energy solutions.

“Governments can help advance the search for energy technologies by funding basic research and by enacting forward-looking policies,” Woods said. “A uniform price of carbon applied consistently across the economy is a sensible approach to emissions reduction.”